This article provides notes on over and under insurance. Notes on Over Insurance: In case of over insurance a situation arises where insurance cover has been taken for the value which exceeds the actual cash value of the insured risks. It can be also known as the replacement value. In case of over insurance the insurer companies have to be [...]
After reading this article you will learn about:- 1. Introduction to GIC 2. Membership Criteria of GIC 3. Major Activities 4. Insurance Portfolio. Introduction to GIC: The General Insurance Council is a statutory body under the Indian Insurance Act 1938. Section 64 C of Part II-A of the Indian Insurance Act 1938 states that there shall be two Councils of [...]
After reading this article you will learn about the meaning and types of risk retention. Meaning of Risk Retention: It is nothing than presuming that we are going to incur certain losses on a particular issue but at the same time are not willing to transfer such risks to another party. For example in an individual case a persons decides [...]